Zapata Corp., Houston, plans to sell its 12 rig offshore drilling fleet as part of a major restructuring program. Zapata Chairman R.C. Lassiter said the restructuring hinges on three components that must all occur for it to succeed. If it doesn't or if stockholders don't approve, the company may have to seek protection under bankruptcy laws, Lassiter warned. Success entails cutting Zapata's financial obligations to the point that remaining debt can be paid from operational cash flow and the company is profitable again, he said. The other two components of the restructuring call for use of cash and additional...

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